06 January 2014

Dream Wedding and a $90,000 Debt

Source

Learned about this story from SG Talk, the couple spent $110,000 on their wedding, wow, $110k, it's a lot of money to me, and to spend it for one day is just out of my league, even if it's within my capability I don't think I will spend like that. Let's look at their debts.

They borrowed:
  • $45,000 from a financial institution with a repayment period of two years.
  • $4,000 from a licensed moneylender.
  • $11,000 from a relative.
  • $30,000 via credit cards.
Their total debt is $90,000.

Also note that the couple had savings of $20,000.

So what did they pay for?
  • $12,000 for bridal arch.
  • $75,960 for 45 tables at 6 star hotel (1 table $1688++ but I use 45*1688=75,960).
  • $22,040 for bridal photography, make-up, hair-styling and videography (not sure how much they spent on this so I use $110k-$12k-$75,960).
$110,000 and it doesn't include the honeymoon,
"They spent so much that Mrs Lee's other dream - a honeymoon in Europe - had to be put off. She said: "We ended up going to Genting Highlands for five days instead."
So what about their housing, renovation, furniture and etc?

I'm sure they can pay the money back within a few years, but the problem is they need to pay much more than the original amount due to interest, what's the point?

4 comments:

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